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  Wednesday, October 28, 2020
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The board of Gazprom has approved an increase in the company's 2006 investment program from 373.14 billion rubles to 458.6 billion rubles
The board of Gazprom [RTS: GAZP] has approved an increase in the company's 2006 investment program from 373.14 billion rubles ($14 billion) to 458.6 billion rubles ($17.3 billion), the company said in a press release Tuesday. Under the budget amendments, Gazprom's earnings total 2.228 trillion rubles ($84 billion), 17.2 billion rubles ($647 million) more than in the financial plan approved in September 2006. The sum of liabilities, expenses and investments totals 2.343 trillion rubles ($88 billion), 45.27 billion rubles ($1.7 billion) more than in the September financial plan. Financial loans were increased by 28.91 billion rubles ($1 billion), to 118.91 billion ($4.5 billion). "Amendments have been introduced to the investment program and budget following Gazprom's purchase of Novatek's [shares] from ZGG Gmbh and Mosenergo's share from Gazfond," the company said. In September 2006, Gazprom bought 19.4% of independent gas producer Novatek's traded common stock from Levit and SWGI Growth Fund (Cyprus) Limited (Novatek's main shareholders) by Gazprom in the face of ZGG GmbH (Gazprom's daughter company). In October 2006, Gazprom's board approved the purchase of a 19.87% stake in Moscow electricity producer Mosenergo [RTS: MSNG] from its subsidiary Gazfond.
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